https://www.taxtmi.com/caselaws?id=433748 The Tribunal invalidated the reassessment proceedings due to errors in the approval process under section 151 of the Income Tax Act, highlighting mechanical approval without proper scrutiny. The Tribunal also found deficiencies in the basis for issuing notices under sections 148 and 143(2), emphasizing factual inaccuracies and lack of diligence by the Assessing Officer. Reassessment initiated on borrowed satisfaction was criticized for vague reasons and lack of independent verification. The reassessment proceedings were deemed invalid as they were barred by limitation and objections to reopening were rejected on extraneous grounds. Consequently, the reassessment proceedings and assessment order were quashed, favoring the assessee. en-us Thu, 02 Feb 2023 00:00:00 +0530 Tue, 07 Feb 2023 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433748 The Tribunal invalidated the reassessment proceedings due to errors in the approval process under section 151 of the Income Tax Act, highlighting mechanical approval without proper scrutiny. The Tribunal also found deficiencies in the basis for issuing notices under sections 148 and 143(2), emphasizing factual inaccuracies and lack of diligence by the Assessing Officer. Reassessment initiated on borrowed satisfaction was criticized for vague reasons and lack of independent verification. The reassessment proceedings were deemed invalid as they were barred by limitation and objections to reopening were rejected on extraneous grounds. Consequently, the reassessment proceedings and assessment order were quashed, favoring the assessee. Case-Laws Income Tax Thu, 02 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433748